Moissanite Market - Forecasts from 2024 to 2029

Moissanite Market - Forecasts from 2024 to 2029

The moissanite market is valued at US$148.274 million in 2024 and is projected to grow at a CAGR of 5.51% over the forecast period.

Moissanite is a mineral made of silicon carbide. It can be naturally occurring or laboratory-grown. It often occurs in nature in extremely rare conditions in upper mantle rock and meteorites. Moissanite can also occur naturally as inclusions in diamonds, xenoliths, kimberlite, and lamproite.
Typically produced in a laboratory, thus the concerns related to the environment and forced labor for extraction are largely out of context.
According to the International Gem Society LLC, moissanite is a major cost savings. For under $1,000, one can get a stone the size of a one-carat diamond, which costs $3,000.

MOISSANITE MARKET DRIVERS:

Increasing demand due to comparison with diamond

The major driving factor behind the demand for moissanite is its replacement for the diamond. It has very similar properties to diamond but is a lot cheaper. It has both brilliance (white flashes) and fire (colored flashes) that are found in the diamond, but have more fire than the diamond. This makes it difficult to differentiate between the two. It is highly resistant to scratches as much as diamonds.

Furthermore, the toughness and durability of this gem allow for consistent brightness over time, which is another factor contributing to the market's revenue growth during the forecast period. The toughness level of moissanite in terms of pounds per square inch (PSI) for a diamond is 14.6 PSI, and for moissanite, 7.6 PSI, which is quite significant. These factors led to the demand for moissanite compared to diamonds.
Promotion by the fashion industry

Color is one of the notable features of moissanite. It is recognizable by a variety of colors, from colorless to near-colorless variants. Some of the variants can have a slight yellow or gray hue. The fashion industry is choosing moissanite for its various variants and aesthetic appeal. This has created a trend in demand for moissanite products, which could open up for more innovation and the production of new designs. Moreover, high-quality moissanite stones are typically colorless and closely resemble diamonds.

Moissanite Market Geographical Outlook
The Asia Pacific region will dominate the moissanite market during the forecast period.

By geography, the market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The major economies like China, Japan, India, and South Korea dominate the Asia-Pacific region. Some of the fastest-growing emerging economies are from this region, such as ASEAN countries.

India’s gems and jewelry industry is one of the largest in the world, contributing 4.3% of global jewellery consumption in 2022. India’s gems and jewelry exports are expected to reach US$100 billion by 2027. Globally, India was the top exporter of diamonds. Further, the growing economy of China and its expanding disposal income by the consumer are likely to increase the domestic demand for gems and jewelry in the forecast period.

Moissanite Market Restraints:

The lack of awareness about the properties of moissanite is a significant factor leading to the lack of market expansion. Moissanite has brilliance and looks similar to diamond but is way cheaper than diamond. The major reason behind the lack of awareness is its proper marketing. It is often marketed as the replacement of the diamond. But diamond is an exquisite product, and its demand increases as the price of it increases. So, moissanite must be presented to the customer separately from diamond.

Moissanite market segmentation by application

The moissanite market is segmented by application into earrings, rings, pendants, and bracelets. Rings would show a significant market share due to their demand during marriages and engagements. The offering of earrings, pendants, and bracelets would also show growth in the growing economies as disposable income is rising in those countries.

About Report

This research study examines the moissanite market based on various applications and geography. First, a brief market overview details key driving factors and challenges. Next, Porter's five forces model analyzes the moissanite market comprehensively. This is followed by industry value chain analysis, which determines which companies are part of the different processes and contributing to various sectors.

The study also presents in-depth information concerning the development, trends, and industry policies and regulations affecting the moissanite market. Moreover, the research study analyzes the overall regulatory framework of the moissanite market, offering stakeholders a better understanding of the key factors influencing the overall market environment.

Moissanite market key developments:

In May 2024, Charles & Colvard, Ltd., a globally recognized fine jewelry company specializing in moissanite and lab-grown diamonds, announced a strategic alliance with the International Gemological Institute (IGI). This is to get the comprehensive grading reports for moissanite gemstones and jewelry. These grading reports have unique identifiers. It is used for each laser-inscribed gemstone, which is designed to assure consumers by providing standardized measures for loose Forever One moissanite gemstones. This would be necessary for purchasers to have a reliable standard of quality and authenticity.
In July 2023, Cullen Jewellery, a provider of premium lab-grown diamond and moissanite engagement rings and fine jewelry, announced the official grand opening of its new Sydney showroom. This is an accessible brand for premium engagement rings and fine jewelry. It is situated in Melbourne, Australia. Cullen Jewellery specializes in custom lab-grown diamond and moissanite engagement rings.

The moissanite market is segmented and analyzed as follows:

By Application

Earrings
Rings
Pendants
Bracelets

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Rest of South America
Europe
United Kingdom
Germany
France
Italy
Spain
Rest of Europe
Middle East and Africa
Saudi Arabia
UAE
Rest of the Middle East and Africa
Asia Pacific
China
India
Japan
South Korea
Taiwan
Thailand
Indonesia
Rest of Asia-Pacific